Mall Owner Tests TALF Waters

pers Diversified Realty, a Beachwood, Ohio-based owner and manager of malls throughout the nation, will test the waters of the government's Term Asset-Backed Securities Loan Facility (TALF). The company is looking to raise $600 million through two commercial mortgage-backed securities (CMBS) offerings, according to a Wall Street Journal [link=http://online.wsj.com/article/SB124821069749669769.html][u]report[/u][/link]. Two properties back the CMBS offerings, and each is valued at $800 million. Developers Diversified Realty will use proceeds to refinance maturing loans and generate new capital. Goldman Sachs and Citigroup have been designated lead managers for the offering. SOURCE: Wall Street